Pain Relief Medication Market 2020 Global Trends, Key Vendors, Regional Analysis, Import & Export, Revenue by Forecast 2025
Pain Relief Medication Market Analysis
According to MRFR analysis, Pain Relief Medication Market is expected to register a CAGR of 4.73% during the forecast period of 2019 to 2025 and held a value of USD 55,275 million in 2018.
Pain relief medicine is a branch of medicine that employs an interdisciplinary approach for easing the suffering and improving the quality of life of those living with acute as well as chronic pain.
The growth of the global pain relief medication market is driven by several factors such as increasing patient population suffering from chronic pain and cancer pain, increasing research in the pain management field, and rising product launch in the pain relief medication market. However, the stringent regulations and high cost of drugs are likely to hamper the growth of the global pain relief medication market.
Several market players currently dominate the global pain relief medication market. The key players are involved in product launches and strategic collaborations to strengthen their market positions. For instance, in July 2018, AbbVie received approval for Orilissa (elagolix) from the US Food and Drug Administration (FDA) for the management of moderate to severe pain associated with endometriosis.
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Pain Relief Medication Market Regional Analysis
By region, the global pain relief medication market report covers the growth opportunities and recent trends across the Americas, Europe, the Middle East & Africa (MEA), and the Asia Pacific (APAC). Among these, the Americas will spearhead the pain relief medication market over the forecast period. Canada followed by the US are the key contributors in this region for the presence of several well-established research centers.
The global pain relief medication market in Europe is predicted to hold the second-largest share during the forecast period. Rising prevalence of chronic diseases and increasing research for new treatments are adding market growth.
The global pain relief medication market in the APAC region is predicted to grow at a quick pace during the forecast period. Increasing number of people being afflicted with pain coupled with the rising prevalence of cancer patients are adding market growth.
The global pain relief medication market in the MEA will have minimal share in the pain relief medication market during the forecast period for limited exposure to new products and limited healthcare infrastructure.
Pain Relief Medication Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global pain relief medication market based on distribution channel, indication, and drug class.
By drug class, the global pain relief medication market is segmented into COX-2 inhibitors, opioids, nonsteroidal anti-inflammatory drugs, and others. Of these, the nonsteroidal anti-inflammatory drug segment will lead the market over the forecast period for its high efficacy rate. The opioids segment meanwhile will grow at a quick pace over the forecast period.
By indication, the global pain relief medication market is segmented into inflammatory conditions, musculoskeletal pain, neuropathic pain, cancer pain, and others. Of these, cancer pain will lead the pain relief medication market over the forecast period for the increasing incidence of cancer pain. Meanwhile, the neuropathic pain will grow at the fastest pace during the forecast period for the increase in the patient population in different economies.
By distribution channel, the pain relief medication market is segmented into online pharmacies and hospital & retail pharmacies. Of these, hospitals & retail pharmacies will have a major share in the pain relief medication market during the forecast period for the rise in the number of hospital-in-visits. Meanwhile, online pharmacies will grow at the fastest pace over the forecast period for increasing awareness about online distribution network.
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Pain Relief Medication Industry News
March 2020: Advil Dual Action, an OTC (over the counter) pain relief treatment has received US FDA approval. It will combine acetaminophen’s pain signal blocking activity with ibuprofen’s nonsteroidal anti-inflammatory action to fight pain.
Pain Relief Medication Market Key Players
Leading players profiled in the pain relief medication market report include Teva Pharmaceutical Industries Ltd (Israel), Sanofi (France), Purdue Pharma (US), Pfizer, Inc. (US), Mallinckrodt Pharmaceuticals (UK), GlaxoSmithKline (UK), Eli Lilly and Company (US), Bristol-Myers Squibb (US), Boehringer Ingelheim International GmbH (Germany), Biogen Idec (US), Bayer (Germany), Astellas Pharma Inc. (Japan), Allergan plc (Ireland), and AbbVie Inc. (US).
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